Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,384/mo
Lowest payment- Down payment
- $77,424
- Funds due
- $88,795
- Interest + MI left
- $256,247
- First ends
- Jul 2052
Assumption
Assumption + second
$2,722/mo
+$338/mo- Down payment
- $35,424
- Funds due
- $48,138
- Interest + MI left
- $335,906
- First ends
- Jul 2052
New loan
New conventional
$2,778/mo
+$394/mo- Down payment
- $35,424
- Funds due
- $44,854
- Interest + MI left
- $459,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,576 | $272,576 | $314,576 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,592.86 | $1,592.86 | $2,131.05 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $207.57 | $207.57 | $62.92 |
| Taxes, insurance & HOA | $584.00 | $584.00 | $584.00 |
| Total housing payment | $2,384.43 | $2,722.37 | $2,777.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,424
Closing costs & prepaids$12,714
Usable credit−$0
Total buyer cash needed$48,138
Earnest money paid−$0
Remaining funds due$48,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$882.00
Prepaid interest, first (9 days)$343.45
Prepaid interest, second (9 days)$93.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 7 moOf the original 30-year loan at 5.11%
Interest already paid$63,958Through Dec 2026
Assumption only · ends Jul 2052$256,247
Assumption + second · ends Jul 2052, second Jan 2057$335,906
New conventional · ends Jan 2057$459,962